Penta And Eastbridge Up Their Offer For Stake In Polish Retail Group EM&F

PE firm Penta Investments and asset managers Eastbridge have now raised their bid for Polish retail company Empik Media & Fashion to PLZ 10.38 per share. The first offer, pegged at PLZ 410 mln for a 40-percent stake in the company, was rejected in favor of a higher bid, which seems to have come through. The target company is now valued at PLZ 1.1 bln. Penta and Eastbridge, already the biggest joint group in terms of stake, intend to co-operate the 750 stores in the CEE region, with the ultimate aim of delisting the company. Current shares price stands at PLZ 9.50, which is already a 20 percent increase since the beginning of this year. 2012 also marked the opening of the group’s first GAP outlet in Poland. The group’s toy store chain, Smyk, also faces stiff competition from Toys R Us, which opened up its first store in Poland in 2011.